If you’re an NRI, the following documents are needed on your end to make the land purchases:
Power of attorney in the name of a person residing in India who can carry out legal and financial proceedings on your behalf
Your PAN Card
A copy of your passport (in case you’re PAN card is unavailable)
An NRE or NRO account to carry out transactions with the builder
Property purchase is one of the best options for NRIs in terms of investment, especially in India. With continuous amendments and revisions in the Land Acquisition Act, relaxation of FDI rules and the Real Estate Regulatory bill, NRIs are benefiting more and more with time in the domain of property purchase. The Reserve Bank of India grants permission to NRIs to purchase or sell land either through foreign exchange (for which any Indian bank can be used as a medium) or through NRE/FCNR accounts. A copy of it has to be submitted to the central office of The Reserve Bank of India within a period of 90 days post the purchase; though no official permission is required to make the purchase and hence the buyer has all the freedom here
You’re eligible to make purchases if you’re an NRI residing outside at the moment, PIO (Person of Indian Origin) who’s owned an Indian passport at any point, or someone who’s father or grandfather was an Indian citizen according to the Constitution of India or the Citizenship Act, 1955.
Shree Dhyan Group as a Real Estate Enterprise has built both residential and commercial properties keeping in mind all the technicalities and luxuries as per an NRIs requirement. It has ensured to make your process of investment as convenient as possible, keeping in mind. So come, invest both your money, and trust in us with complete safety.
An Indian citizen residing outside India does not require any permission to acquire any immovable property in India other than agricultural/ plantation property or a farmhouse.
Yes. However, Reserve Bank has granted general permission to foreign citizens of Indian origin, whether resident in India or abroad, to purchase immovable property in India for their bona fide residential purpose. They are, therefore, not required to obtain separate permission of Reserve Bank.
The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NTE/FCNR accounts maintained with banks in India.
They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Mumbai within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration along with a certified copy of the document evidencing the transaction and bank certificate regarding the consideration paid.
Yes. Reserve Bank has granted permission for sale of such property. However, where the property is purchased by another foreign citizen of Indian origin, funds towards the purchase consideration should either be remitted to India or paid out of balances in NRE/FCNR accounts.
In respect of residential properties purchased on or after 26th May, 1993, Reserve Bank considers applications for repatriation of sale proceeds up to the consideration amount remitted in foreign exchange for the acquisition of the property for two such properties. The balance amount of sale proceeds if any or sale proceeds in respect of properties purchased prior to 26th May, 1993, will have to be credited to the ordinary non-resident rupee account of the owner of the property.
Applications for repatriation of sale proceeds are considered provided the sale takes place after three years from the date of final purchase deed or from the date of payment of final installment of consideration amount, whichever is later.
Applications for necessary permission for remittance of sale proceeds should be made in form IPI 8 to the Central Office of Reserve Bank at Mumbai within 90 days of the sale of the property.
Yes. Reserve Bank has granted general permission to foreign citizens of Indian origin to acquire or dispose of properties up to two houses by way of gift from or to a relative who may be an Indian citizen or a person of Indian origin whether resident in India or not, provided gift tax has been paid.
Yes. Under the general permission granted by Reserve Bank properties other than agricultural land/farm house/plantation property can be acquired by foreign citizens of Indian origin provided the purchase consideration is met either out of inward remittances in foreign exchange through normal banking channels or out of funds from the purchasers' NRE/FCNR accounts maintained with banks in India and a declaration is submitted to the Central Office of Reserve Bank in form IPI 7 within a period of 90 days from the date of purchase of the property/final payment of purchase consideration.
Yes. Repatriation of original investment in respect of properties purchased by foreign citizens of Indian origin on or after 26th May 1993 will be allowed to be remitted up to the consideration amount originally remitted from abroad provided the property is sold after a period of three years from the date of the final purchase deed or from the date of payment of final installment of consideration amount, whichever is later. Applications for the purpose are required to be made to the Central Office of Reserve Bank within 90 days of the sale of property in form IPI 8.
Yes. Reserve Bank has granted permission for letting out of any immovable property in India. The rental income or proceeds of any investment of such income has to be credited to NRI account.
Reserve Bank has granted permission to certain financial institutions providing housing finance e.g. HDFC,LIC Housing Finance Ltd, etc to grant housing loans to non-resident Indian nationals for acquisition of houses/flats for self-occupation subject to certain conditions.
Authorized dealers have been granted permission to grant loans up to non-resident Indian nationals for acquisition of house/flat for self-occupation on their return to India subject to certain conditions. Repayment of the loan should be made within a period not exceeding 15 years out of inward remittance through banking channels or out of funds held in the investments' NRE/FCNR accounts.
Reserve Bank permits Indian firms/companies to grant housing loans to their employees deputed abroad and holding Indian passport subject to certain conditions.
One will need a guarantor for a loan mainly for collateral security. The guarantor will have to demonstrate appropriate net worth to cover for the loan. Usually one can have a guarantor in any city where the loan issuer has a branch. Talk to loan issuers they will work something out for NRIs and foreign banks.
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